GARDNER, Mass., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the "Company") announced today that it has sold units of stock and warrants to accredited investors in a private placement with 1,333,334 units consisting of (i) an aggregate of 1,333,334 shares of common stock, and (ii) warrants to purchase up to 666,667 shares of common stock. The unit price is $0.60. The warrant exercise price is variable and depends on achieving two financial performance criteria during the remainder of fiscal year 2017. The warrant exercise price will be $.40, $.20 or $.01 if both, one or neither of the criteria is achieved, respectively. The warrants are exercisable beginning October 2, 2017 and expire on October 16, 2017. The Company has received $800,000 in gross proceeds from the offering. The offering closed on November 22, 2016. Net proceeds from the offering will be used for working capital needs and for general corporate purposes. Joe Forkey, Company President and CEO, commented, "We are pleased to have completed this offering with the ongoing support of Dolphin Offshore Partners, who acted as the lead investor of the offering, and other existing shareholders including Peter Woodward, through MHW Partners and Hershey Strategic Capital. This capital will allow us to continue our corporate growth efforts particularly in the areas of increased customer activity and conversion of certain engineering projects into production in the coming months. We expect conversion of these projects to increase our manufacturing revenues, plant utilization, and overall margins. We are also pleased with the stock and warrant structure of this offering. The variable exercise price and near term maturity of the warrants is recognition of the opportunities for growth that lie just ahead for Precision Optics." This press release is neither an offer to sell, nor a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.